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Gold and forex reserves rise
MONETARY HOLDINGS
SOUTH Africa's gold and foreign exchange reserves improved by almost 10% to R14.4-billion in April from R13.12-billion in the previous month, the Reserve Bank said on Friday. The figures, roughly in line with expectations, are preliminary and more details will be released this week. The bank said "the utilisation of foreign credit lines at the end of April 1997 was unchanged at R2.5-billion". This was in contrast to February and March when it used credit lines to boost its forex holdings. In March, gold and forex reserves had risen by R626-million to R13.12-billion. Standard Bank's economics division said in its latest brief that a rise in borrowings of about R400-million in March was of little concern as about R5.5-billion will arrive in May as a result of Telkom's part-privatisation. It said the outlook for the rest of the year "is for a gradual rise in reserves - despite some further repayment commitments".
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